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August 18 Initial Jobless Claims

Initial jobless claims for the week ending August 12 (as reported on August 18):

Jobless benefits rose 9,000 to 408,000, exceeding estimates for a rise to 400,000.

Jobless benefits are now back at their highest levels since July 15.

Last week's figure was revised lower, from 395,000 to 399,000.

4-week moving average is 402,500 - improving upon last week's 406,000.

4-week moving average is at its best level since April 15.

Continuing jobless claims rose 7,000.

Unemployment rate among those eligible for benefits remained at 2.9%.

COMMENTARY: Europeans markets established a negative tone for the Thursday, August 18, U.S. market opening. The initial jobless claims report will do little to reverse that negative momentum. The report itself is disappointing as evidence of an improving labor market trend remains absent.

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